Share Market News August 26: Nifty50 continues to rise for 8th day in a row, reclaims 25,000; Sensex leaps 612 pts; HCLTech, TechM, HUL hit 52-week highs
Share Market News August 26: Domestic equity benchmarks registered sharp gains on Monday, buoyed by favourable global signals, amid strong buying interest across most sectors. The optimism was driven by recent remarks from Federal Reserve Chair Jerome Powell at the highly anticipated Jackson Hole symposium over the weekend. Powell's comments had a significant impact on Wall Street, driving a surge in benchmark indices including Dow. This positive momentum resonated on Dalal Street as well.
Share Market News August 26: Domestic equity benchmarks registered sharp gains on Monday, with the Nifty50 finished higher for the eighth session in a row, driven by positive global cues after remarks from Fed Chair Jerome Powell at the much-anticipated annual Jackson Hole event last weekend sent US stocks soaring.
Most sectors enjoyed buying interest with financial, IT, energy and auto stocks leading the rally.
Here are key highlights of Monday's session on Dalal Street:
Nifty50 crosses psychologically important 25,000 mark
Both headline indices finished the session 0.8 per cent stronger. The Sensex added 611.9 points to end at 81,698.1 while the Nifty50 settled at 25,010.61, up 187.5 points for the day.
During the session, the Sensex jumped as much as 738.1 points to touch 81,824.3 on the upside while the 50-scrip index climbed to as high as 25,043.8, up 220.7 points from its previous close.
HCLTech, NTPC, Bajaj Finserv, Tech Mahindra top blue-chip gainers; Adani Ports, Kotak Mahindra Bank, IndusInd Bank top losers
HCLTech, NTPC, Bajaj Finserv, Tech Mahindra, JSW Steel, Titan, and M&M, finishing with gains of between 1.3 per cent and 4.1 per cent, were the top gainers in the Sensex basket.
On the other hand, Adani Ports, Kotak Mahindra Bank, and IndusInd Bank - falling 0.4-0.5 per cent each - were the worst hit among the nine laggards in the 30-scrip pack.
Most sectors in the green; IT, energy shares lead gains
Among BSE's sectoral indices, BSE Metal surged 2.0 per cent while BSE IT, BSE Energy, BSE Consumer Durables, and BSE Oil & Gas - with gains of more than one per cent each - were also among the top gainers. On the flipside, BSE Services declined about 0.2 per cent.
Brace for index changes
A number of changes have been announced in NSE indices including the Nifty50 benchmark. With effect from the opening bell on September 30, Trent and BEL will be part of the headline index, replacing Divi's Labs and LTIMindtree.
ALSO READ: A PSU lender to replace Bandhan Bank in Nifty Bank; a summary of latest NSE index changes
Metal stocks shine
A majority of stocks in the metals basket traded higher. Tata Steel, Hindalco, NMDC, Vedanta, Nalco, SAIL, Hindustan Copper, and HZL closed between 1.0 per cent and 5.1 per cent higher, whereas Adani Enterprises fell 0.2 per cent.
Analysts said that a surge in global base metal prices amid hopes of more frequent and deeper rate cuts in the US drove gains in the metal stocks basket on Dalal Street.
Jewellers & gold financiers in focus
Jewellery makers and gold financiers remained in the spotlight on Dalal Street after the government decreased the duty drawbacks applicable to gold and silver exports, confirming a Zee Business report.
Muthoot Finance shares gained 1.7 per cent while the Kalyan Jewellers stock jumped 4.7 per cent, coming within inches of their respective all-time highs.
KEC International wins Rs 1,079-crore order
KEC International shares ended 1.7 per cent higher at Rs 853.9 apiece on BSE, after the EPC company bagged orders amounting to Rs 1,079 crore.
During the session, the stock surged as much as 9.2 per cent to Rs 917 apiece.
DRL shares face selling pressure
Dr Reddy's Labs shares ended 0.2 per cent lower at Rs 6,938.3 apiece after the pharmaceutical company received a Form 483 from the US drug regulator with three observations for its Srikakulum unit in Andhra Pradesh.
The US Food and Drug Administration (FDA) had inspected the Indian company's facility from August 19 to August 23.
Ashoka Buildcon shares jump
Ashoka Buildcon shares rose 1.2 per cent to end at Rs 235.3 apiece after the highway developer emerged the lowest bidder for a Rs 478-crore project of the Mumbai Metropolitan Region Development Authority (MMRDA).
Buyback in the making?
Jai Corp's board is scheduled to meet on August 29 to consider a share buyback proposal.
The stock climbed ended with a gain of 4.7 per cent on the bourse.
52-week highs vs 52-week lows
Five stocks in the 30-scrip basket hit 52-week highs: HCLTech, HUL, Sun Pharma, JSW Steel, and Tech Mahindra.
373 stocks hit 52-week highs on BSE
As many as 399 stocks hit 52-week highs whereas 23 scrips logged 52-week lows on BSE, according to provisional exchange data.
Market breadth favours bulls
Overall market breadth favoured the bulls with an advance-decline ratio of 6:5 as
In the BSE 500 universe - the broadest index on the bourse, 280-odd stocks enjoyed gains while the others finished below the flatline.